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WHAT EXACTLY IS THE REALTOR® ACTION FUND?
You’ve heard of the REALTOR® Action Fund (RAF), but have you ever wondered what it does? RAF is the fuel that powers the REALTOR® Party engine. The resources that RAF provides ensure the REALTOR® Party can speak on behalf of REALTORS® when legislation that affects homeownership and property rights is considered.
RAF is more than just the resources needed for the REALTOR® Party to fight on our behalf; RAF is a collection of all of us who believe in the dream of home ownership.
It is so critical that we continue to invest in the REALTOR® Action Fund and your contributions do just that. These funds allow the REALTOR® Party to stay current on everything from property rights to affordable housing in our local city councils and all the way up to the legislative sessions in Sacramento. Whether new laws are being proposed or old ones amended, the REALTOR® Action Fund is the source of resources needed to ensure REALTORS® have a seat at the table and can make our voices heard by lawmakers. This is an investment in our profession for REALTORS® here at Ventura Coastal County AOR, but also for Californians to achieve and attain the dream of homeownership.
Thank you for helping to keep the dream alive by supporting the REALTOR® Action Fund. But you may still be wondering, what does the REALTOR® Action Fund actually do? The better question is — what has the REALTOR® Action Fund done lately? And the answer is: a whole lot! The REALTOR® Action Fund allocates resources for local associations like ours to stay up to date on the latest developments happening in our own backyard. We have also been busy this past election cycle. We helped elect REALTOR® friendly candidates. This is critical to ensuring that the dream of homeownership is attainable for Californians here in Ventura. The REALTOR® Action Fund is also critical in Sacramento, where bills come up for debate that could affect every REALTOR® in California, and every transaction. Let me tell you about some of the bills that the REALTOR® Action Fund helped to pass in 2022.
● AB 2170 (Grayson): Prohibits large mortgage entities like Government Sponsored Entities (GSE) or federal government institutions like Fannie Mae and Freddie Mac from selling foreclosed homes in bulk to large Wall Street investors and institutions. AB 2170 also requires GSEs and financial institutions for the first 30 days to consider and respond to bids from potential homeowners before considering any bids from investors.
○ TL;DR Keeps housing stock out of greedy corporations that don’t have homeowners’ interests at heart.
● AB 2960 (Committee on Judiciary): AB 2960, the Judiciary Committee’s non-controversial omnibus bill, which has been signed into law included a provision originally sponsored by C.A.R. that added disclosure requirements that will be in effect on the date that all parties enter into a real estate contract or agreement.
○ TL;DR Increased transparency for all parties involved in the home-buying process to ensure that bad actors cannot hide behind delayed requests for information.
● SCA 2 (Allen & Wiener): Passed by the Legislature and placed on 2024 General Election ballot, SCA 2 will entirely repeal Article 34 of the California Constitution, which holds back housing development with “Low-rent” dwellings, including most housing, financed in whole or in part by a government.
○ TL;DR Removing barriers to creating more affordable housing and housing stock overall.
REALTOR® PARTY SUCCESSES
The REALTOR® Party secured some of its biggest hits this year, including $500 million dollars for the innovative downpayment assistance program, the California Dream for All program, part of a $900 million dollar allocation in the budget for affordable and accessible California homeownership opportunities- $200 million more than we had requested.